Ether, the native cryptocurrency of Ethereum, hit one other all-time high of $4,634 on Wednesday, in response to CoinGecko. By way of progress, the worth of ether has largely outperformed bitcoin, the biggest cryptocurrency by market worth, this 12 months.
It additionally has some well-known followers, together with billionaire investor Mark Cuban.
“I’ve my justifiable share of bitcoin, however I am extra of an Ethereum maxi,” Cuban stated on a latest episode of the Next with Novo podcast. Within the crypto area, calling somebody a “maximalist” of a particular coin usually has a detrimental connotation, however Cuban makes use of the time period to indicate that he favors Ethereum over different blockchains.
To Cuban, what makes Ethereum stand out is its utility. Not solely is Ethereum the most used blockchain, however its sensible contracts, that are collections of code, energy most blockchain-based initiatives, from decentralized finance, or DeFi, applications to nonfungible tokens, or NFTs.
“We’re seeing a rush the place there’s loads of totally different blockchains which might be competing,” Cuban stated. “Once they begin to put sensible contracts to work, that is once we’ll begin to see issues actually stage out. It is going to come all the way down to purposes and integrations.”
Cuban has previously said that Ethereum’s sensible contracts “really changed everything” within the crypto area.
“I like [ether] extra [than bitcoin] as a result of I can see a vast variety of purposes that may change the biz [and] client world eternally,” Cuban tweeted on Oct. 16. “And to make use of them, that you must purchase [ether].”
Cuban nonetheless invests in other crypto, together with bitcoin, dogecoin and different altcoins. He additionally owns NFTs and many blockchain companies.
However “as an funding, I believe Ethereum has essentially the most upside,” Cuban beforehand told CNBC Make It. He sees bitcoin extra as a store of value and alternative to gold.
Nevertheless, regardless of Cuban’s endorsement, it is necessary to keep in mind that all cryptocurrencies include dangers due their risky and speculative nature. Monetary consultants warn that buyers ought to solely make investments what they will afford to lose.
Join now: Get smarter about your money and career with our weekly newsletter
Do not miss:
